Sapura Energy to dispose of three drilling rigs for US$8.2mil

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KUALA LUMPUR: Sapura Energy Bhd’s subsidiaries, Sapura Drilling T-19 Ltd, Sapura Drilling T-20 Ltd and Sapura Drilling Setia Ltd, will be disposing of three drilling rigs to NKD Maritime Ltd for US$8.20 million (RM35.14 million) in cash.

In a filing with Bursa Malaysia today, Sapura Energy said the parties had entered into a memorandum of agreement with the buyer on Aug 18, 2022.

Sapura Energy said the rigs -- Sapura T-19, Sapura T-20 and Sapura Setia -- are either ageing (Setia) or not technically competitive (T-19, T-20).

Based on the market demand, the company does not see any financially viable prospects that could cater for the rigs to be reactivated in the foreseeable future.

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Therefore, the rigs have a high probability of being stacked in the coming years which exposes the company to more costs and risk of deterioration.

"The disposal is part of the company’s focus on long-term sustainability and to improve its liquidity position, streamline its operating model and provide greater flexibility for strategic growth,” it said.

Sapura Energy added that the proceeds from the disposal will be utilised for the group’s working capital subject to multi-currency facilities’ conditions. - Bernama